"A report released on Wednesday by the Committee for a Responsible Federal Budget (CRFB) estimates that Democratic presidential nominee Joe Biden's proposed policies would increase taxes by about $4.3 trillion over 10 years while President Trump's would decrease tax revenue for the government by about $1.7 trillion, even as Biden's overall fiscal agenda would likely increase the federal deficit slightly more than Trump's.
The CRFB report notes that there is a wide disparity between the low- and high-end potential deficit effects of the Trump and Biden agendas, largely because of significant vagueness in both men's plans, especially Trump's
At the high end, Biden's policies could increase the federal deficit by $8.3 trillion over the next 10 years above what is projected under current law, while Trump's could boost the deficit by $6.85 trillion. On the low end, Trump is projected to raise the deficit by at least $700 billion while Biden, according to the CRFB, might decrease the federal deficit by $150 trillion if all of his spending meets low-end estimates and his taxes generate maximum income for the government. These estimates exclude one-time policies, CRFB said."
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I could not resist the picture. Those are the Round Tops behind Biden. The idea of Draft Dodger Joe lecturing us at Gettysburg where over 50,000 Americans were casualties (KIA, WIA, POWs, and some just gone forever) is so ludicrous, so very ludicrous. His sign implies of course that the Southerners were Evil! Evil! My first outfit in the Regular United States Army was the 2nd Infantry Regiment. These Regulars fought in the Wheat Field. A battalion of them fought there. When it was over an observer said that you could tell who were Regulars. Their bodies lay in perfectly straight lines. They lay where they had fallen in the ranks because the tactics of the day demanded that the battalion fire in volleys virtually elbow to elbow.. What was that you said, Joe?
Yes, I know. Trump was also a draft dodger.
Pilgrims! Pay attention! We are talking about your money! This article is in some ways a reinforcement of the Evans-Pritchard article from the Telegraph. He wrote that Joe's madcap spending would lead to enormous growth in spite of massive deficit spending in all his plans. pl
https://www.foxbusiness.com/politics/biden-trump-deficit-increase-taxes-crfb-report
Vote your future pocketbook?
“None other than the likes of Goldman Sachs, the Wall Street Journal, Moody’s, and Bloomberg have turned on Trump, saying that Biden is better for the economy. In a note to clients, Goldman’s chief economist, Jan Hatzius said,
All else equal, such a blue wave would likely prompt us to upgrade our forecasts. The reason is that it would sharply raise the probability of a fiscal stimulus package of at least $2 trillion shortly after the presidential inauguration on January 20, followed by longer-term spending increases on infrastructure, climate, health care and education that would at least match the likely longer-term tax increases on corporations and upper-income earners.
In the WSJ, Jason Furman, a professor of practice at Harvard, was chairman of the White House Council of Economic Advisers, 2013-17, said,
Over the longer run, the proposed tax increases would help pay for important measures to boost economic growth and ensure that it is shared more broadly. An allowance of at least $3,000 a child is a step that, if made permanent, would reduce child poverty and increase economic mobility. Expanded child care, a critical need exposed by the pandemic, would increase the labor supply. And investments in infrastructure and clean energy would dial up productivity growth. The three other estimates I am aware of for the complete Biden program, from the Penn-Wharton Budget Model, Oxford Economics and Moody’s Economy.com, also predict that it would add to overall economic growth.
Wall Street has clearly turned on Trump, and his own Madness of King George rage tweeting since returning to the Whitehouse while still contagious is cementing opinions that he’s profoundly unfit for office. Wall Street always votes its own wallet, and it’s learned that their vote in 2016 was folly. The path here is clear. Trump must be removed, either by the 25th Amendment or at least at the ballot box. Enough is enough.”
srw,
When was Wallstreet ever for Trump? Wallstreet votes it’s wallet? Just how many votes are their on Wall Street?
Evans-Pritchard is not on firm ground if he thinks “Joe’s madcap spending would lead to enormous growth.” The ratio of GDP per dollars of deficit spending has decreased so that large deficits yield increasingly anemic returns. On top of which the growth is froth, not in productive activity.